What could possibly go wrong?
I say we call it the Sean Penn Tax.
You’ all come to Texas and bring your money with you. Glen Beck is in Southlake, and I see that GE is setting up a couple of factories in Ft. Worth. If Perry were smart, he would be touting stuff like this.
Good. Most of Hollywood’s elites are millionaire liberals.
The Revenge of the Che’-loving, Commie/Marxist “perfessors”.
California already has that. My fellow Californians foolishly passed a ballot initiative several years ago which was a millionaire’s tax. After it was enacted, a new tier was added to the income tax rates just for those who earn 1M per year.
Funny thing, Millionaires can live anywhere.
Why would they stay in California?
They have one already in California I guess it is not enough for the scum suckers
Pass it and I change my residency to Stateline, Nevada.
Millionaires Go Missing
Maryland's fleeced taxpayers fight back.
May 27, 2009
Wall Street Journal Online
Here's a two-minute drill in soak-the-rich economics:
Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O'Malley, a dedicated class warrior, declared that these richest 0.3% of filers were "willing and able to pay their fair share." The Baltimore Sun predicted the rich would "grin and bear it."
One year later, nobody's grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller's office concedes is a "substantial decline." On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year -- even at higher rates.
No doubt the majority of that loss in millionaire filings results from the recession. However, this is one reason that depending on the rich to finance government is so ill-advised: Progressive tax rates create mountains of cash during good times that vanish during recessions. For evidence, consult California, New York and New Jersey (see here).
The Maryland state revenue office says it's "way too early" to tell how many millionaires moved out of the state when the tax rates rose. But no one disputes that some rich filers did leave. It's easier than the redistributionists think. Christopher Summers, president of the Maryland Public Policy Institute, notes: "Marylanders with high incomes typically own second homes in tax friendlier states like Florida, Delaware, South Carolina and Virginia. So it's easy for them to change their residency."
All of this means that the burden of paying for bloated government in Annapolis will fall on the middle class. Thanks to the futility of soaking the rich, these working families will now pay Mr. O'Malley's "fair share."
I know of only two certain outcomes for increasing money to the “Education Establishment”; The taxes go up and the education unions get more in mandatory dues. To date there has been NO, ZIP, NONE correlation between improved education and increased money.
Of course if the education unions get more money they will give more to their favorite political party who will then help them pass more taxes for more money to the education unions and ...
Let’s see how many Hollywood leftists will pay that tax. My bet is that there will be a large migration of millionaires to other states if this passes.